Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:    
Net loss $ (8,813) $ (872)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 10,134 3,071
Lease amortization 2,889 1,888
Deferred revenue 263 (5)
Provision for doubtful accounts 369 118
(Benefit) provision for deferred income taxes (84) 80
Foreign exchange (gain) loss (14) 827
Interest accretion 677 498
Gain on sale of assets (5) (38)
Stock-based compensation expense 6,502 3,216
Change in contingent consideration (1,000) (344)
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 394 765
Contract asset (300) 362
Inventory 92 (47)
Other assets (118) (529)
Accounts payable and other liabilities (11,878) (1,372)
Net cash (used in) provided by operating activities (892) 7,618
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,589) (2,020)
Capitalized software (5,163) (538)
Cash paid for acquisitions (net) (23,717) (1,600)
Net cash used in investing activities (31,469) (4,158)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (11,382) (6,109)
Settlement of tax withholding obligations on stock issued to employees (2,198) (1,392)
Repayments of notes payable, net (666) (430)
Contingent consideration payments (183)
Proceeds from exercise of warrants 4,450
Net proceeds from issuance of preferred stock 44,543 9,586
Proceeds from line of credit 19,500
Repayments of line of credit (19,500)
Settlement of contingent obligation (1,325)
Other financing activities (50)
Net cash provided by financing activities 33,422 1,422
EFFECT OF EXCHANGE RATE CHANGES ON CASH (130) 640
NET INCREASE IN CASH 931 5,522
CASH - beginning of the period 19,994 14,472
CASH - end of the period 20,925 19,994
SUPPLEMENTAL NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES:    
Preferred stock issued in connection with CareCloud and Meridian acquisitions 24,000
Vehicle financing obtained 28 25
Dividends declared, not paid 4,241 1,746
Purchase of prepaid insurance through assumption of note 668 301
Warrants issued 5,070
Escrow recorded as indemnification asset and offsetting accrual 4,000
SUPPLEMENTAL INFORMATION - Cash paid during the year for:    
Income taxes 85 119
Interest $ 165 $ 67